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SBLI life insurance review 2020
This low-cost insurer provides no-nonsense coverage online, even if you’re not in perfect health.
finder.com’s rating: 4.0 / 5.0
★★★★★
Get a quote if…
- You’ve been denied coverage elsewhere
Choose a different provider if…
- You want to apply for a whole policy online
18 to 60
Issue Age
$100,000 to $20,000,000
Coverage Amount
Not required for policies under $500,000
Medical Exam Required
Details
| Free Quote | Online, Phone |
|---|---|
| Insurance Products | Term, Whole, Blended |
| Issue Age | 18 to 60 |
| Coverage Amount | $100,000 to $20,000,000 |
| Term Lengths | 10, 15, 20, 25 and 30 years |
| Cost | As low as $11 per month |
| Medical Exam Required | Not required for policies under $500,000 |
| Ways To File A Claim | Phone, online. |
| Ratings, Accreditation and Memberships | A.M. Best: A, Standard & Poor's: A-, BBB: A+ |
| Temporary Underwriting Coverage | Accelerated Underwriting is available for up to $500,000 without a medical exam |
| State Availability | Not available in New York and Montana. |
| Customer Service Options | Phone, Online chat, Email |
| Policy Riders Offered | Yes |
Expert review
Review by
Julia Cameron
julia.cameron@findercrew.comJulia Cameron is a writer and editor who has experience in finance, mergers and acquisitions, content marketing and immigration law. She has a passion for interior design and an affinity for Old Florida, where she lives with her family.
Expert review
If you’re looking for no-nonsense term or whole life plans, add SBLI to your quote comparisons. You just might find the coverage you need with the ability to personalize your policy through riders and add-ons at a price you can afford.
However, their underwriting has a notable slant toward healthy individuals, and you may be able to find slightly more competitive rates elsewhere.
What types of life insurance coverage does SBLI offer?
SBLI limits its options to term and whole life policies, with coverage of up to $500,000, depending on your health and lifestyle. While it doesn’t offer a standalone universal product, some term policies offer conversion to universal at expiration.
All plans offer easy online quotes that can help you narrow down your needs against your budget.
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Term life insurance
A newer product offered in all states but New York and Montana, SBLI’s Guaranteed Level Premium Term offers faster approval until age 60. (At that point, traditional underwriting is required.) These policies guarantee that your premiums remain level over 10, 15, 20, 25 or 30 years. And at expiration, most policies allow you to extend your coverage by converting to a universal or whole life policy.You can apply online for coverage from $100,000 to $500,000 up to age 60, though you’re ultimately required to participate in a phone interview for approval.
If you’re not quite ready to commit or are looking to bridge a gap, SBLI also offers one-year nonrenewable term life. This policy can provide a year of affordable coverage with the option to convert to a permanent policy at expiration, if you change your mind.
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Whole life insurance
SBLI’s whole life policies provide coverage with no expiration, guaranteeing level premiums and a tax-free payout with the ability to grow a tax-advantaged cash value that you can borrow against, if you need it.When paying up your policy, you can choose from three payment options:
- Continuous payment. Pay level premiums over your lifetime for coverage that builds in value.
- Limited payment. Pay your policy over 10, 15 or 20 years or until you’re 65 years old, with higher premiums for shorter periods.
- Single premium. Pay one lump sum to pay up your full policy.
Participating plans are also eligible for dividends that you can cash out, sock away to collect interest on or use to pay your premiums or any loans you’ve taken out against your policy.
What riders can I add to my life insurance policy?
A standard term or whole life policy can provide a level of protection for your loved ones when you’re no longer around to support them. But what if you require more flexibility?
Like most insurance providers, SBLI offers a range of riders and add-ons that you can use to personalize your coverage at pricing that depends on your policy:
- Accelerated death benefit. Pays up to half of your base death benefit up to $250,000 if you’re diagnosed with a terminal illness.
- Children’s level term. Extends coverage to your children up to age 23, with the ability to convert to a permanent policy.
- Waiver of premium. Waives your policy premiums if you become disabled.
- Accidental death benefit. Pays out your death benefit and an additional face amount if you die as the result of an accident.
How much does SBLI cost?
Below are the monthly premiums for a $500,000 20-year term life insurance policy from SBLI for an individual in perfect health. Rates are provided by Quotacy and are valid as of April 2019 in all states except New York and Montana.
| Age | Male | Female |
|---|---|---|
| 20 | $20.88 | $18.71 |
| 25 | $20.88 | $18.71 |
| 30 | $21.32 | $19.14 |
| 35 | $25.91 | $21.58 |
| 40 | $36.92 | $29.67 |
| 45 | $59.93 | $44.98 |
| 50 | $96.06 | $65.87 |
| 55 | $157.74 | $97.23 |
| 60 | $286.85 | $173.03 |
How can I get the lowest rate?
Unlike its competitors, SBLI doesn’t advertise its eligibility for preferred or preferred plus rate classes. But many customers on forums and other review sites say that they were able to find affordable rates even as a smoker or with high blood pressure.
In general, you can increase your chances of getting the lowest rates by maintaining your overall health — including limiting your tobacco use — and avoiding risky lifestyle behaviors and hobbies.
Monthly rates of a policy from SBLI life insurance
Based on rates provided by Quotacy for a person in perfect health, as of March 2018, you can expect to pay around $20 a month for a $500,000 policy from SBLI if you’re in your 20s. Monthly premiums increase over time as you age, reaching close to $100 a month in your 50s. See the full SBLI rates table above.
Pros and cons of SBLI
Pros
- Solid customer support. Many customers say that SBLI’s customer service is top-notch.
- Competitive underwriting. If you’re denied elsewhere, you might find an affordable policy with SBLI.
- Mutual life insurance company. You’re not only a policyholder but also a stakeholder with SBLI.
Cons
- Not available nationwide. If you live in New York or Montana, your options are limited.
- Only term online. You can only apply for term coverage online. If you’d like to apply for a whole policy, you will have to give SBLI a call.
Compare life insurance companies like SBLI
SBLI review and complaints
Accredited by the Better Business Bureau since 2007, the BBB gives SBLI an overall A+ rating based on its years in business, financial strength and ability to address customer complaints. On Trustpilot, the insurer earns 4 stars out of 5 based on more than 375 customer reviews.
Customer complaints overall are limited, though you’ll find complaints about customer support related to billing and updating information. Other sites include experiences with poor communication and slow turnaround on policies.
How does SBLI protect my data?
SBLI collects your personal data in order to offer you customized services. It does not sell your information or share it for marketing purposes.
To keep your data safe, SBLI encrypts and secures all of your information using a Geotrust SSL Certificate.
How do I sign up?
From SBLI’s homepage you can get a quote or apply for term life insurance.
- To get a quote, begin by clicking Get your quote. You can also chat with a professional from this page to get guidance.
- Enter your personal information as well as how much coverage you’d like and your desired length of term. Then click Calculate your quote.
- You’ll then be presented with a quote. From there you can wait for a representative to call you, or you can click Start your application to begin the application process.
- If you choose to continue the application process online, next you’ll be asked to provide further personal information, including your driving history, smoking habits (if any) and any dangerous hobbies. Then click Next to enter your health info.
- Answer the health questions and click Next to submit your application.
I’ve signed up. What happens next?
An SBLI life insurance professional will contact you within one business day to get further information, or you can give them a call at 888-630-5000. Your quote may change based on the additional information your provide.
Once you’re approved, sign up at mySBLI.com, where you can report a claim, download forms, make a payment and more.
How do I file a life insurance claim with SBLI?
You can start the process of filing a claim with SBLI online. Simply click Support in the top toolbar and then File a Claim.
You’re taken to MySBLI, where you’ll complete a four-step life and annuity death claims form that requires:
- The policy’s full name, contact information and account details.
- Names and contact information for all beneficiaries.
- Information about the death or from the official death certificate.
You’ll need to submit an official copy of the death certificate and any supporting documentation required by SBLI before the company will fully process your claim.
More about SBLI
Claiming that it offers some of the lowest term rates in the country, SBLI is an affordable insurer that’s known for lenient underwriting on term and whole policies for those who can find approval difficult — people with hypertension, a complicated family medical history and more. Applying is easy, with faster turnaround if you have a clean bill of health.
All policies are active for as long as you continue paying your premium, and you can cancel at any time without penalty. And because it’s a mutual life insurance company, coverage with SBLI means that you’re both a policy owner and stakeholder.
As with all life insurance providers, SBLI offers benefits like lenient underwriting that you’ll want to weigh against potential drawbacks — among them, limited online account management.
SBLI focuses on providing its customers solid term and whole life plans at affordable rates, which means it doesn’t offer retirement or other products.
Frequently asked questions
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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